State Street Corp Purchases 52,699 Shares of Alkami Technology, Inc. (NASDAQ:ALKT)

State Street Corp grew its stake in shares of Alkami Technology, Inc. (NASDAQ:ALKT - Free Report) by 5.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,088,408 shares of the company's stock after acquiring an additional 52,699 shares during the quarter. State Street Corp owned about 1.08% of Alkami Technology worth $34,328,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ALKT. Trust Point Inc. bought a new stake in shares of Alkami Technology in the 3rd quarter worth $1,029,000. Oppenheimer Asset Management Inc. purchased a new position in Alkami Technology in the 3rd quarter worth about $1,860,000. FMR LLC lifted its stake in Alkami Technology by 10.2% during the 3rd quarter. FMR LLC now owns 1,523,747 shares of the company's stock valued at $48,059,000 after acquiring an additional 141,319 shares during the period. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Alkami Technology during the 3rd quarter valued at about $1,115,000. Finally, Principal Financial Group Inc. bought a new stake in shares of Alkami Technology in the third quarter worth approximately $875,000. Hedge funds and other institutional investors own 54.97% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ALKT shares. JPMorgan Chase & Co. raised their target price on shares of Alkami Technology from $42.00 to $45.00 and gave the stock an "overweight" rating in a report on Monday, December 9th. The Goldman Sachs Group increased their target price on Alkami Technology from $34.00 to $39.00 and gave the company a "neutral" rating in a report on Friday, November 1st. Craig Hallum boosted their price target on Alkami Technology from $38.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday, October 31st. Barclays raised their target price on Alkami Technology from $35.00 to $41.00 and gave the stock an "equal weight" rating in a report on Thursday, October 31st. Finally, Needham & Company LLC lifted their price target on shares of Alkami Technology from $43.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $40.88.

Insider Buying and Selling at Alkami Technology

In other Alkami Technology news, CFO W Bryan Hill sold 55,046 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $31.19, for a total transaction of $1,716,884.74. Following the completion of the transaction, the chief financial officer now owns 471,403 shares in the company, valued at $14,703,059.57. This trade represents a 10.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Douglas A. Linebarger sold 5,239 shares of the business's stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $38.02, for a total transaction of $199,186.78. Following the completion of the sale, the insider now owns 248,585 shares in the company, valued at approximately $9,451,201.70. This trade represents a 2.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,472,426 shares of company stock valued at $249,990,820 in the last 90 days. Insiders own 25.90% of the company's stock.

Alkami Technology Price Performance

Shares of Alkami Technology stock traded up $0.45 on Friday, hitting $39.12. 1,432,549 shares of the company traded hands, compared to its average volume of 547,711. The company has a debt-to-equity ratio of 0.05, a quick ratio of 3.52 and a current ratio of 3.52. The business has a 50-day simple moving average of $38.12 and a 200 day simple moving average of $33.23. Alkami Technology, Inc. has a 52 week low of $22.62 and a 52 week high of $42.29. The stock has a market capitalization of $3.93 billion, a P/E ratio of -83.23 and a beta of 0.46.

Alkami Technology Profile

Alkami Technology, Inc offers cloud-based digital banking solutions in the United States. The company's Alkami Platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the support of a proprietary, cloud-based, and multi-tenant architecture.